Reuters: Hot Stocks: Australia shares end at new 5-yr high, banks lead on earnings optimism

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Australia shares end at new 5-yr high, banks lead on earnings optimism Oct 28th 2013, 05:33 Tweet Share this Email Print Reprints Mon Oct 28, 2013 1:33am EDT SYDNEY, Oct 28 (Reuters) - Australian shares jumped 1 percent to a new five-year high on Monday as major banks climbed on expectations of another stellar set of earnings and the broader market took a positive lead from Wall Street after the S&P 500 hit a record peak on Friday. The S&P/ASX 200 index added 55 points to 5,441.4 points, its highest close since June 2008. The benchmark has risen in 10 out of the past 12 sessions, adding 5.8 percent since Oct. 10. The big four banks - Australia and New Zealand Banking Group Ltd (ANZ), Commonwealth Bank of Australia, National Australia Bank Ltd (NAB) and Westpac Banking Corp led the way with gains of 0.7 to 1.8 percent. The banks are on track to report a combined record profit for the fifth consecutive year when they report over the coming days. Blue chip resources also gave the market a boost, with global miners BHP Billiton Ltd and Rio Tinto Ltd adding 1.2 percent and 1 percent, respectively, underpinned by a survey showing improved Chinese manufacturing on Friday. The New Zealand market was closed for a public holiday. (Reporting by Maggie Lu Yueyang and Lincoln Feast; Editing by Jacqueline Wong) Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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